Banks fret over vendor contracts as Dora deadline looms
Thousands of vendor contracts will need repapering to comply with EU’s new digital resilience rules
Banks are racing to renegotiate contracts with thousands of technology vendors to ensure compliance with the European Union’s Digital Operational Resilience Act (Dora), which comes into force next January.
Dora requires financial institutions to identify and assess the criticality of their third-party service providers and ensure they have the right contractual clauses in place to manage any risks.
The head of operational risk at a large European bank says his institution has more than 1,000
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